Great Post. I'm not trying to date myself but I was at Merrill in 2000 in the same exact position of your post. My friend worked as a prop trader and referred to CMGI as a 'pile of poo'. While he was trading it every day both long and short, I decided to hunt for the stock that would make me a millionaire. So since he said it was total junk I decided to make my own 'amazing' investment decision. BOSTON MARKET: Geez the chicken was great.
Well needless to say I had the same exact experience as you. Watching it melt down to 0 while I sat and dreamed of it going to the moon. I took every penny I owned to make that trade, and to be honest it was probably a cheap lesson that I learned about investing early on. It was that pain that made me learn, but it was a hard lesson.
Diversification and risk management is key. It's all about proportions. Had you taken your 6k investment in CMGI and put in only in $180 dollars or 3% or so of your portfolio you wouldn't have been crying. The same $180 dollars invested in apple when it was trading at $4 dollars could have turned into 30k.
Risk management is so crucial. Buy Steemit, but only with a proper risk management strategy that is proportionally related to your total net worth.
"Risk management is so crucial. Buy Steemit, but only with a proper risk management strategy that is proportionally related to your total net worth." Very wise words. Thank you for pulling that out. And crazy! You were in the same role! We should grab a coffee sometime :-)
TJ, amazing truths there. I've heard the average male retiree dies within 4 years of quitting work. I look forward to hearing more from you in the future. Thanks for following me.
That's crazy Mr Question-Answers that you had the same experience as Jason! Cool comment.
Super-cool!
Must be a female intuition :-)
i wish i was able to awnser questions like you and post on boards like you do your actually really talented to be able to do something like this o.o